However, this situation is unique and requires new resources, more patience and greater ingenuity to pull off. (Woroch is a former contributor to HuffPost. But while low interest rates seem like a sure-fire reason to pull the trigger on a …

Her work has appeared in the New York Times Magazine, Vanity Fair, and Boston Magazine. “Think of it like a tsunami that follows an earthquake: Even with massive damage to the stock market and dozens of industries all but collapsing, we won’t start to see the effects play out on real estate pricing for a few months at least,” he said.For one, homeowners have been spoiled by tight inventory and hyperspeed gentrification over the past few years, L’Eplattenier said. So make sure to read up on the latest mortgage rates first.Besides mortgage rates, home buyers are probably wondering about the stability of their income, as fear of layoffs loom.On the flip side, putting a property under contract now and locking in a low interest rate gives a buyer some control at a time of relative uncertainty, adds Turner.The takeaway from all this? So those who are in the unfortunate position of having to sell during the pandemic will stubbornly stick to pre-recession pricing for a few months.Further, the government has take several measures to , a house-flipping business in Omaha, Nebraska. (We'll provide more information about virtual tours and remote closings in later installments. Rock-bottom rates make homebuying an attractive option, but there are still many unknowns and challenges when it comes to assessing how the pandemic will affect the market and consumers’ financial lives.As of April, more than 30 million Americans had filed for unemployment. "The temporary softening of the real estate market will likely be followed by a strong rebound, once the quarantine is lifted," contends Yun.This pent-up demand could eventually push home prices higher. The next year might present once-in-a-lifetime opportunities to buy, but that doesn’t mean you should go for it if you aren’t prepared.“No one can ever predict the market, and I am a strong believer that the right time to buy is when you are financially ready to,” said Peggy Zabakolas, a licensed real estate broker with The good news for prospective homebuyers with stable income and plenty of cash on hand is that if massive layoffs continue, we may see a lot of inventory coming up in the next few months at discounted prices, making it a buyer’s market.Part of HuffPost Money.

The … Stay tuned! Even so, historically low mortgage rates can’t solve one problem that some prospective homeowners are running into: a lack of houses for sale. At the same time, stricter lending requirements are making qualifying for a mortgage more difficult: If you recently deferred any bill, mortgage or credit card payments, for example, that may work against you when you apply for a home loan, Woroch said. If you were planning to buy a house in the near future, you might be questioning whether you should put that idea on pause, too. The industry has rapidly adapted, introducing approaches that minimize exposure to the virus.For instance, many agents are now working remotely and conducting most of their business virtually.

NAR data shows that there was a housing shortage prior to the outbreak.

For the best experience, please enable cookies when using our site. “Foreclosures are like weeds in a garden; they pull down the value of aggressively priced homes, and quickly,” L’Eplattenier said.What that means is that if you can hold out on purchasing for the next 12 months or so, there will be an opportunity to buy at a large discount compared to now. Get your finances in order. If you’re fortunate enough to still be in the position to buy a home, here’s what you should know about buying during the COVID-19 crisis and how you can potentially get the best deal.The Federal Reserve cut its federal funds interest rate in early March by 0.5 percentage points to a range of 1% to 1.25% in response to the pandemic’s effect on our economy. Interest rates are at historic lows due to the coronavirus pandemic.

With fewer home buyers looking, you have less competition. Sorry, we were unable to share this article ©2020 Verizon Media. But the We're here to help you navigate this confusing new normal with this series, "This first installment aims to help you figure out whether you can—and should—shop for a home right now, or hold off until this crisis blows over.

While that depends on how bad an outbreak an area is suffering, most markets are feeling some sort of hit.

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